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EURUSD: Bearish Cycles Remains In Play-

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May 17 2013

EURUSD reversed slightly higher yesterday from 1.2840 support but not for long as recovery found resistance very soon, so it was probably just a fourth wave within larger wave 3 down. As such, our bias remains unchanged we are looking for weaker EURUSD, towards 1.2800 as a next projected target where we could see a temporary low and a wave 4 pull-back. Short-term critical level is at 1.2935 as wave four must not trade into a territory of a wave one.







AUDUSD Bearish; Wait On Pull-back For New Shorts

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May 15 2013

AUDUSD extended its weakness in the last few sessions within wave (iii) which can be counted now in five smaller waves. As such, support for current decline could be near, maybe around 0.9800 from where we will be tracking a wave (iv) corrective rally if we see evidences of a temporary low. If that will prove correct then traders should keep an eye on levels around 1.0000 where we can see wave four swing of one lower degree, plus a lower base channel line that could react as a resistance as well. Shorts around that zone could be interesting while market trades below 1.0152 critical level.

You can also check our video back from May 06 2013 in which we covered a detailed technical analysis for AUDUSD, and as well as EURUSD and USD index and presented our bias for USD bull scenario.



05/06/2013 VIDEO FROM MEMBERS AREA



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EURUSD: Broken Daily Trend-line puts The EUR in Bearish Mode

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May 13 2013

EURUSD fell sharply last week and closed well below 1.3034 swing low support which puts bearish price action in play. In fact, decline from 1.3195 was very strong and sharp which in many cases represents an impulsive wave and direction of a trend. As such, we need to respect this price action so we think it’s better to stick with the downtrend and look for possible short entries at this stage.

From an Elliott Wave perspective we are tracking one-two, one-two set-up with sub-wave (ii) now underway to 1.3020/50 resistance area.

The reason why we also expect bearish price action to continue is a broken channel line on the Daily chart as shown below. We however would turn bullish again only if we pass 1.3130 level.

Trade well!

EURUSD Intra-day


EURUSD Daily


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GBPUSD: Intra-day Waves Are Turning Bullish For Possible Re-test of 1.5600

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May 08 2013

GBPUSD is still trapped in 1.5450-1.5600 range where we can see only three waves down from last week high. Also notice that current intra-day rise extended above 1.5520 level which means that any previous bearish impulsive interpretation is now invalid. Therefore, we think that bullish price action is back in force with possible test of 1.5600 later this week. Five waves up from potential wave B) low will confirm the bullish view for the GBP; until then don’t chase; its no-man’s-land.

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May 07 2013; Stocks Futures

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May 07 2013

US and European stocks futures did not move much in the last few sessions so we will continue to look higher. We see room for further gains today as several market are still in fourth waves.

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GBPUSD Trying To Form A Bearish Reversal At 1.5600

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May 02 2013

On GBPUSD hourly chart we can count completed five waves up in wave C that shows signs of a top around 1.5606 because of ending diagonal in wave 5, divergence on the RSI and now also accelerating price action below the trading channel which suggests that pair is in early stage of a minor wave (iii) down. Further weakness today and tomorrow towards 1.5450 (typical third wave target) and daily close below that level would be a strong and very important sign for GBPUSD top.

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For more detailed analysis on GBPUSD please check our video from April 29th 2013.



VIDEO April 29 2013



USD Index Breaks Below 81.70 Which Opens The Door For 81.00

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May 01 2013

USD-index extended its losses yesterday and fell through 81.70 swing low from mid-April which makes a corrective decline from 83.50 much more complex than firstly thought. We are tracking a new five wave decline now from 83.20 which represents wave (C), final leg of a zig-zag in wave E that could look for a bottom around 80.80-81.20 area.



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